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I. BACKGROUND

1 A. Factual Background 2 Defendant Align Technology, Inc. (“Align,”) is a “global medical device company 3 engaged in the design, manufacture, and marketing of Invisalign® clear aligners and iTero® 4 intraoral scanners and services for orthodontics, restorative, and aesthetic dentistry.” ECF No. 120 5 ¶ 26. Owing to a number of patents, Align maintained “dominance” in the industry as a result of 6 “patents it held on its technology and manufacturing processes, many of which related to the 7 computer-aided design and manufacturing technology that allowed the Company to develop and 8 manufacture high-quality clear aligners in large quantities.” Id. ¶ 4. However, as Align began to 9 lose its patent protections, analysts began to acknowledge that Align’s “virtual monopoly could 10 come to an end.” Id. ¶ 5. 11 Plaintiff’s claims center around those competitive pressures and the representations that 12 Defendants made to investors regarding how competition would impact Align’s business. 13 Specifically, in May 2018, at the Annual Meeting of the American Association of Orthodontists 14 (“AAO”), Align’s competitors announced products “at price-points under Align’s,”…